Here are 5 popular student loan refinance myths shared by real student loan borrowers – as well as responses – that not only can help guide your path forward, but also save you time and money:

Student Loan Refinance Myths #1: “I’m not going to apply to refinance my student loans because I don’t have an 800 credit score.”

You do not need an 800 credit score to be approved for student loan refinance.

Many highly reputable private student loan companies will refinance student loans with credit scores starting in the mid-600’s. Each private student loan company has its own underwriting criteria, which may include credit score, employment status and monthly cash flow, among other criteria. If you do not qualify on your own for student loan refinance, most companies will still refinance your student loans with a qualified co-signer.

A co-signer can be another creditworthy person (e.g., a parent, spouse, relative or friend supportive of your educational goals) to help you qualify for a student loan. A co-signer is equally responsible with you for the student loan obligation.

Plus, once you have been approved for a refinanced student loan or new student loan, your co-signer may not want to be financially responsible for your student loan. In this case, some student loan companies will release the co-signer from his or her obligations to repay the student loan.

Student Loan Refinance Myths #2: “I have been working as a public school teacher for 5 years and made all my student loan payments on time. Why haven’t my Sallie Mae student loans been forgiven?”

There are several misconceptions regarding Public Service Loan Forgiveness and Teacher Student Loan Forgiveness.

The key point to remember is that you must have a federal direct student loan, Stafford Loan or consolidated loan that you borrowed from the federal government.

There are many examples of student loan borrowers who have believed for years that they made qualifying student loan payments on federal direct student loans only to learn later that their student loans were private student loans. You should confirm in writing with your student loan servicer what types of student loans you borrowed.

A student loan that you borrowed from a private student loan lender such as Sallie Mae is not eligible for student loan forgiveness.

PLUS Loans also are not eligible. Importantly, you have to apply for Public Service Loan Forgiveness and Teacher Student Loan Forgiveness (you are not automatically enrolled) and have to meet certain qualifications.

The good news is that there is no limit on the number of times that you can refinance your student loans.

If you can find a lower student loan interest rate, then you can apply to refinance. There are no prepayment penalties on your existing student loans, and you should only apply to refinance your student loans with companies that do not charge an application or origination fee.

Student Loan Refinance Myths #4: “I can only apply to one lender for student loan refinance. Otherwise, applying to more than one lender will hurt my credit score.”

Not true. You should apply to multiple student loan lenders to maximize your chances for approval. Most applications take only two minutes, and you can check your new interest rate with only a soft credit pull (which does not impact your credit score). According to FICO, student loan “interest rate shopping” inquiries made during a focused time period (for example, 30 days) will have little to no impact on your credit score.

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